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New Directions Registration No. 200301035125 (637546-D) (Incorporated in Malaysia) NEW DIRECTIONS Annual Report 2020 OUR VISION AND MISSION TO PROVIDE CREATIVE SOLUTIONS IN PRECISION MANUFACTURING TECHNOLOGY AND HIGH QUALITY PERSONAL PROTECTIVE EQUIPMENT This annual report is available on the web at www.notionvtec.com TABLE OF CONTENTS 02 11 102 CORPORATE INFORMATION SUSTAINABILITY STATEMENT LIST OF PROPERTIES 03 16 105 FINANCIAL HIGHLIGHTS CORPORATE GOVERNANCE ANALYSIS OF SHAREHOLDINGS AND OVERVIEW STATEMENT WARRANT HOLDINGS 03 CORPORATE STRUCTURE 29 109 AUDIT AND RISK MANAGEMENT ADDITIONAL COMPLIANCE 04 COMMITTEE REPORT MANAGEMENT DISCUSSION 111 AND ANALYSIS 32 NOTICE OF ANNUAL GENERAL STATEMENT ON RISK MANAGEMENT MEETING 07 AND INTERNAL CONTROL BOARD OF DIRECTORS • 35 PROXY FORM 10 FINANCIAL STATEMENTS KEY SENIOR MANAGEMENT th 17 Annual General Meeting PLACE Broadcast Venue, TIME Tricor Business Centre, 9.30 am, Wednesday, Manuka 2 & 3 Meeting Room, 3rd March 2021 Unit 29-01, Level 29, Tower A, Vertical Business, Bangsar South Suite, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur Notion VTec Berhad Registration No. 200301035125 (637546-D) Annual Report 2020 02 NOTION VTEC BERHAD CORPORATE INFORMATION BOARD OF DIRECTORS THOO CHOW FAH CHOO WING YEW Executive Chairman Executive Director WILLIAM CHOO WING HONG SAW TAT LOON Managing Director Independent Non-Executive Director JOHN CHOO WING ONN DATO’ ABU BAKAR BIN MOHD NOR Executive Director Independent Non-Executive Director LEE TIAN YOKE ANITA CHEW CHENG IM Executive Director Independent Non-Executive Director AUDIT AND RISK MANAGEMENT PRINCIPAL BANKERS REGISTERED OFFICE COMMITTEE Standard Chartered Bank Malaysia 12th Floor, Menara Symphony Saw Tat Loon (Chairman) Berhad No. 5, Jalan Professor Khoo Kay Kim Dato’ Abu Bakar Bin Mohd Nor Level 16, Menara Standard Chartered Seksyen 13, 46200 Petaling Jaya Anita Chew Cheng Im 30 Jalan Sultan Ismail Selangor Darul Ehsan 50250 Kuala Lumpur Tel : (603) 7890 4800 REMUNERATION COMMITTEE Tel : (603) 2781 7013 Fax : (603) 7890 4650 Fax : (603) 2142 8933 Dato’ Abu Bakar Bin Mohd Nor AUDITORS (Chairman) HSBC Bank Malaysia Berhad Saw Tat Loon 2, Jalan Tiara 2A, Bandar Baru Klang Crowe Malaysia PLT Anita Chew Cheng Im 41150 Klang, Selangor Darul Ehsan Chartered Accountants Tel : (603) 3343 6111 Suite 50-3, Setia Avenue NOMINATION COMMITTEE Fax : (603) 3344 4249 No. 2, Jalan Setia Prima S U/13S Setia Alam, Seksyen U13 Anita Chew Cheng Im (Chairperson) Hong Leong Islamic Bank Berhad 40170 Shah Alam Dato’ Abu Bakar Bin Mohd Nor Level 1, Wisma Hong Leong Selangor Darul Ehsan Saw Tat Loon 18 Jalan Perak, 50450 Kuala Lumpur Tel : (603) 3343 0730 Tel : (603) 2164 3939 Fax : (603) 3344 3036 COMPANY SECRETARIES Fax : (603) 2161 1278 STOCK EXCHANGE Tai Yit Chan (MAICSA 7009143) SHARE REGISTRAR (SSM PC No. 202008001023) Main Market of Bursa Malaysia Tricor Investor & Issuing House Tan Ai Ning (MAICSA 7015852) Securities Berhad Services Sdn Bhd (SSM PC No. 202008000067) Unit 32-01, Level 32, Tower A Shares HEAD / MANAGEMENT OFFICE Vertical Business Suite, Avenue 3 Stock Name : Notion Bangsar South, No. 8, Jalan Kerinchi Stock Code : 0083 Lot 6123 Jalan Haji Salleh 59200 Kuala Lumpur, Malaysia Warrants Batu 5 1/2, Jalan Meru, 41050 Klang Tel : (603) 2783 9299 Stock Name : Notion-WC Selangor Darul Ehsan Fax : (603) 2783 9222 Stock Code : 0083WC Tel : (603) 3361 5615 Tricor’s Customer Service Centre Fax : (603) 3361 5618 Unit G-3, Ground Floor WEBSITE Vertical Podium, Avenue 3 Bangsar South, No. 8, Jalan Kerinchi www.notionvtec.com 59200 Kuala Lumpur, Malaysia 03 ANNUAL REPORT 2020 FINANCIAL HIGHLIGHTS The table below sets out a summary of the audited consolidated results of the Notion Group for the financial years ended 30 September 2016 to 2020: 2020 2019 2018 2017 2016 Revenue (RM’000) 242,747 237,687 255,946 275,232 230,707 Profit/(Loss) before Tax (RM’000) 6,840 14,090 67,188 14,375 17,757 Profit/(Loss) after Tax (RM’000) 6,323 7,543 47,584 12,958 5,677 Profit/(Loss) attributable to owners of the Company (RM’000) 6,323 7,543 47,584 12,958 5,677 Earning before interest, taxes, depreciation and amortisation 40,987 44,925 96,826 47,717 53,695 (EBITDA) (RM’000) No. of shares in issue (000) 504,744* 499,733^ 497,394^ 446,453^ 405,629^ Net profit/(loss) per share (Sen) 1.3* 1.5^ 9.6^ 2.9^ 1.4^ * Based on weighted average paid up share capital. ^ Restated for FYE 2016 to FYE 2019 to reflect the retrospective adjustments arising from the bonus issue completed in FYE 2020. CORPORATE STRUCTURE Registration No. 200301035125 (637546-D) (Incorporated in Malaysia) 100% 100% 100% 100% 100% NOVID PPE SDN NOTION NOTION KAITEN SWISS BHD (FORMERLY (THAILAND) VENTURE PRECISION IMPRESSION KNOWN AS CO LTD (HONG KONG) (M) SDN BHD SDN BHD TRENDI NOTION LIMITED SDN BHD) 100% 100% 100% 100% 100% DIAPHRAGM NV INTECH NOTION NOTION TECH TECHNOLOGY PRECISION VENTURE INTERNATIONAL SDN BHD SDN BHD SDN BHD SDN BHD (M) SDN BHD 100% AUTIC MEKKI SDN BHD 04 NOTION VTEC BERHAD MANAGEMENT DISCUSSION & ANALYSIS The company implemented a bonus issue of 168,325,033 new ordinary shares of NVB on the basis of 1 bonus ordinary shares for every 2 existing ordinary shares held. THOO CHOW FAH | Executive Chairman OUR GROUP DIVERSIFICATION Our Group supplies high precision, engineered, ready to Our performance was affected when Movement Control Order assemble turned, milled, drilled and ground parts to renowned was imposed during which our production was temporary multi nationals all over the world. suspended. Upon resuming operations in 2020, we were only allowed to operate at 50% capacity. We were also affected We stand for complete service with a fast response time to by supplies chain disruption and logistic challenges due to customers’ needs. We provide a complete spectrum of services border restrictions. Overall revenue generated during the from design to production, tooling development, quality individual quarter ended 30 June 2020 fell by 30% compared assurance, surface coating and finishing, heat treatment to the preceding quarter. and logistics. Amid global uncertainty and volatility in the demand of our Recently we started producing masks under our own brand products and services, we decided to venture into the PPE names and have sought shareholders’ approval for diversifying sector to provide us with a more diversified income stream into the Personal Protective Equipment (PPE) business, for future growth. We started with the manufacture of certified predominantly gloves, which will be elaborated in the next face masks but upon further deliberation and accessing the section. market, we decided to venture into the glove business given the increasing demand from the healthcare and related sector. With approximately 2,000 employees, we currently operate at 6 facilities. Three factories located on 17 acres, collectively on Nevertheless, we will continue to focus on our existing core our own freehold land in Meru, Klang, three separate factories business of supplying high quality precision components. We occupying in total 12 acres of land, collectively in Ayutthaya, shall continue with the production of face masks although Thailand, and rented premises in Gelang Patah, Johor to serve we do not foresee a major contribution from this business to the southern region and Singapore. our future earnings until the N95 respirators business is in full production. Our Products Our products can be broken down to four main segments: (1) Hard Disk Drive (HDD) (2) Automotive (Braking System) (3) Engineered Products (Camera SLR interchangeable lens, Electronics Manufacturing Services (EMS) and others) (4) PPE 05 ANNUAL REPORT 2020 MANAGEMENT DISCUSSION & ANALYSIS (CONT’D) RM98.2 RM79.0 RM62.0 RM3.6 MILLION MILLION MILLION MILLION Hard Disk Drive Automotive Engineered Personal (HDD) (Braking System) Products Protective Equipment (PPE) FINANCIAL AND OPERATIONS REVIEW Liquidity, Earning and Investment Financial Performance Borrowings of our group as at 30 September 2020 was approximately RM 64.3 million with a low gearing ratio of What a year! Plagued by a pandemic and subsequent approximately 15%. imposition of Movement Control Order as highlight earlier. Cash and cash equivalent, as at 30 September 2020 is a healthy Sales revenue for the financial year 2020 was higher at RM RM 82.7 million. 242.7 million than what was achieved in 2019 of RM 237.7 million. Most of the segments recorded lower revenue other For this financial year, our group invested RM 36.3 million in than the EMS and others. This is mainly due to higher sales capital expenditure. from a particular customer in the 4th quarter of the year. CORPORATE EXERCISES Revenue 2020 2019 The company implemented a bonus issue of 168,325,033 new RM’000 % RM’000 % ordinary shares of NVB on the basis of 1 bonus share for every 2 existing ordinary shares held. HDD 98,184 40.4 101,012 42.5 Automotive 78,962 32.5 92,561 38.9 The said shares were listed on 18 May 2020. Engineered Products - Camera 11,826 4.9 16,615 7.0 DIVIDEND - Others (including EMS) 50,171 20.7 27,499 11.6 PPE 3,604 1.5 - - Due to the global economic uncertainty, our Board has taken Total 242,747 100 237,687 100 a prudence stance and will not be declaring any dividend for year 2020. Profit after tax was RM 6.3 million compared to 2019 at RM 7.5 million. Despite our healthy cash position, we are constantly mindful of a need to strike a balance between conserving resources Earnings before interest, taxes, depreciation and amortisation for expansion and paying regular dividend. (EBITDA) stood at RM 41 million for the financial year ended 2020. We seek your patience and would like to assure our shareholders that when the situation improved and stabilized, we will resume implementing our 30% dividend policy, where a minimum of 30% of our group’s Profit after tax shall be distributed to shareholders.
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